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1、OPERATINGAGREEMENTOFXXINVESTMENTLLCXXLIABILITYCOMPANYTHISOPERATINGAGREEMENT(the"Agreement")isdatedasofApril21,2016(the"EffectiveDate")byandamongXXINVESTMENTLLC,xxliabilitycompany(the“CompanyJandthePersonslistedonExhibitAattachedheretoandmadeaparthereof(suchPersonshereinaf
2、tersometimesreferredtocollectivelyasthe“Members"andindividuallyasattMember,r).WHEREAS,theMembersdesirethatthisAgreementgoverntheaffairsoftheCompanyandtheoperationofitsbusinessandtherespectiverightsanddutiesoftheapplicablepartiestotheCompany•NOW,THEREFORE,pursuanttotheAct(
3、asdefinedbelow),theMembersagreeasfollows:ARTICLEIDEFINITIONS1.01Definitions.ThefollowingtermsusedinthisAgreementhavethefollowingmeanings(unlessexpresslyprovidedherein);(a)"AcLmeanstheDelawareLimitedLiabilityCompanyAct.(b)“AdjustedCapitalAccount"means,withrespecttoeachMemb
4、er,theCapitalAccountbalanceofsuchMember,asadjustedinaccordancewithSection6.01,aftergivingeffecttothefollowingadjustments:(i)credittosuchCapitalAccountthesumof(A)anyamountswhichsuchMemberisobligatedtorestorepursuanttoanyprovisionofthisAgreement,plus(B)anamountequaltosuchMe
5、mber'sshareofPartnershipMinimumGainasdeterminedundertheCodeandTreasuryRegulationsandsuchMember^shareofPartnerNonrecourseDebtMinimumGain,plus(C)anyamountswhichsuchMemberisdeemedtobeobligatedtorestore;and(ii)debittosuchCapitalAccounttheitemsidentifiedintheCodeandTreasuryReg
6、ulations.TheforegoingdefinitionisintendedtocomplywiththeapplicableprovisionsoftheCodeandTreasuryRegulations,totheextentnotalreadyprovidedforinSection6.01.(c)“Affiliate"meansanyPersonofwhichaMembermaintainsatleastmajoritycontrol.(d)“AffiliateTransfer"isdefinedinSection13.0
7、1(b).(e)"AnnualTaxLiabilityAmount”isdefinedinSection7.03.(f)"AssetValue"withrespecttoanyCompanyassetmeans:(i)ThefairmarketvalueofanassetatthetimeitiscontributedtotheCompanybyanyMember,assetforthnexttosuchMember^nameonExhibit"A”:(ii)ThefairmarketvalueofaCompanyassetuponthe
8、happeningofanyofthefollowingevents:(A)theadmissionofaMemberto,ortheincreaseofanInterestofanexist